Pending home sales fall 3.5% in December

WASHINGTON (MarketWatch) -- Pending home sales fell 3.5% in December after hitting a 19-month high in the prior month, according to an index released by the National Association of Realtors on Wednesday. The pending-home-sales index declined to 96.6, which was 5.6% above December 2010 levels. The data reflect contracts but not closings. "Even with a modest decline, the preceding two months of contract activity are the highest in the past four years outside of the homebuyer tax credit period," said Lawrence Yun, NAR's chief economist, in a statement.

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